Is Genesis Mining a Scam – Review on a Cloud Based Platform

Today we take a closer look on Genesis Mining for you. What is it? Is Genesis Mining a scam or a legit platform? Will it be something for you or are there better alternatives out there for you? These are some of the questions this short review will answer. Let´s go!

P.S.

Before we continue with the review it is important to mention that around 99,99% of the cloud mining platforms out there are scams, they claim to mine but in reality, they don´t so please be aware of that and ALWAYS do your research on a platform you are interested in joining to avoid losing your money. Worth to mention here is that around 95-99% of all cryptocurrencies are scams too.

Ok, with that being said let´s continue with the review of Genesis Mining.

What is Genesis Mining about?

Genesis Mining is one of the oldest and also most well-known Bitcoin cloud-based mining platforms available, it was founded in 2013. It got a (known to the public) mining farm that is set up in Iceland (see video below).

How does it work?

The process of cloud mining is very simple. It basically is a way for you to avoid spending thousands of dollar on mining hardware and instead pay someone to lease their hardware and keep the profits to you.

That way you do not have to take care of any maintenance or set up anything, it is done for you.

What you have to do though is to pay a fee for the service, more about that further down.

Can you only mine Bitcoin?

No, you are actually able to mine 6 different cryptos and they are:

Bitcoin

Ethereum

Dash

Monero

Litecoin

Zcash

Worth to mention here:As Bitcoin mining is the most popular option that also means that the difficulty for mining it has increased, so you might want to consider mining other cryptos than Bitcoin as you might have a bigger chance to better earnings that way.

How can you pay?

There are different options for you on how to pay, or more correct, buy hash power.

You can actually pay with a normal credit card if you ain´t got any cryptos to pay with (or do not want to spend them).

Is Genesis Mining a Scam?

So, is Genesis Mining a scam? No, it is not a scam, it is actually one of the rare 0,1 percent of the cloud-based mining platforms that actually got a mining rig and are performing mining. It got real owners and a real physical address, and have been operating since 2013. It is actually probably your best option for a cloud-based mining platform.

The pros and cons

One thing that is always recommended to do before deciding if a company is for you or not is to compare its positive sides against its negative to get a better overall view. As always we point out some clear ones for you to make this job easier for you:

The good

Super simple to use

You can buy with a credit card

Most well-known and trusted cloud-based mining platform

The bad

There are withdraw limits

Earnings are not that good (at least not on Bitcoin)

Are there better alternatives out there?

Well, I would say that this is, if not the best, at least one of the best alternatives out there for you if you plan to mine on a cloud-based platform. However, there is another one named Hashflare that you might want to take a look at also. It reminds very much of this one (Genesis Mining) as it is just as simple to use and also cloud-based.

Final words and verdict

Verdict: Legit

Overall rating: (4.5 / 5)

Ok, I think that sums up the overall picture of this mining platform pretty good. This is absolutely a legit alternative, and also the most well-known cloud-based mining platform out there. The platform is super simple to use, even a child can get started mining even if they have never done anything like that before.

Just keep in mind that you might want to go for other coins other than just Bitcoin as the mining difficulty is very high on Bitcoins, and will be even higher if Bitcoin will increase in value.

Also, do NEVER invest more money than you can afford to lose into this or ANYTHING else. Stick to that rule of thumb and you will be fine.

I hope you found this short review on Genesis Mining to be helpful and now you should have a better understanding of what it is and that it is not a scam. If you have used it yourself please share your experience with us in the comment section below as it can help others. Also, if you have any other question on this review I will be more than happy to answer them below.

I wish you success!

John

Founder of: $tart Make $top Waste

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Comments

Good review in genesis mining, i have a contract with them for mining ethereum. Well this is not really a get rich quick scheme as i can confirm it takes time to get a good return on investment.
It is a safe way of getting cryptocurrencies but you ought to be very patience and wait to get your ROI at the end of your contract period.